The Haber Company purchased land in Arizona on which uranium had been discovered.

The Haber Company purchased land in Arizona on which uranium had been discovered. The cost of the land was $1,000,000. Additional costs necessary to prepare the land for mining operations were $200,000. It is estimated that 5,000,000 tons of ore containing uranium will be extracted before the mine is fully mined out. During the first period of mining operations, 500,000 tons of uranium-bearing ore were dug and shipped to the refinery. The cost of getting the ore out of the ground and into railroad cars was $930,000. Record the transactions.